July-December 2023-24: Exports of agro and food products increase by 64pc

KARACHI: During the first six months of the financial year of 2023-2024, exports of agro and food products from Pakistan has been increased by 64 percent as compared to the same period during 2022-2023. In the month of December only, there is growth of 118 percent, as $882 million of food product export was exported in comparison of $404 million in same month in 2022-23.

In the current fiscal year 2034-24 major increases were in export of Sesame seed (278pc), Maize/corn (208pc), Ethyl alcohol (497pc), Meat (23pc), Rice (96pc), Fruits and Vegetables (15pc), Spices (10pc) and Tobacco(34pc).

Pakistan exported sesame seed worth $364 million during July-December 2023-24 as compared to $98 million during July-December, 2022-23 showing a positive growth of 278 percent. The reasons for increase of sesame seed is the increased production in 2023 (2022 crop was destroyed by flood) and higher demand/rate from China, Korea, Japan etc.

Similarly the exports of Maize were $262 million during July-December, 2023-24 as compared to $85 million in July-December, 2022-23 showing a positive growth of 208 percent. Pakistan’s maize exports have increased manifolds in value, as global prices of food commodities have increased due to the outbreak of Russian- Ukraine war. The major markets for are Vietnam, Malaysia, Korea and Oman.

Pakistan exported ethyl alcohol worth $259 million during July-December, 2023-24 as compared to $43 million during July-December, 2022-23 showing a positive growth of 4 percent. The reason for increase is the high global demand.

In meat sector, Pakistan exported worth $239 million during July-December, 2023-24 as compared to $195 in July-December, 2022-23 showing a positive growth of 23%. The reasons for positive growth of meat sector is due to opening of new markets (Jordan, Egypt, Uzbekistan), and participation of many new companies for exporting meat to UAE, KSA & GGC Region.

Additionally three more slaughter houses were approved for exporting/processing by Malaysia. Moreover, two meat exporting companies also got market access for exports of heat treated meat to China who have recently shipped heat treated meat to China.

The exports of rice from were $1645 million during July-December 2023-24 as compared to $841 million in July-December. 2022-23 showing a positive growth of 96 percent. The reason for increase is due to India’s rice export ban and increased production of rice in Pakistan. Pakistan exported fruits and vegetables worth $285 million during July-December, 2023-24 as compared to $248 million in July-December, 2022-23 showing a positive growth of 15 percent. Similarly, exports of spices shows growth of 10 percent.

Zubair Motiwalla, Chief Executive TDAP said that in 6 months period of current fiscal year, our Agro export has achieved 3.84 billion export, which is 64 percent higher, and we expect that $6 billion target in the current year will be achieved. He further informed that keeping in view the recent surge in agro products exports, TDAP is actively supporting exporters, and providing all necessary assistance in product and market diversification.

Copyright Business Recorder, 2024